Published on 3/8/2012 in the Prospect News High Yield Daily.
New Issue: EV Energy sells upsized $200 million tap of 8% notes due 2019 at 103 to yield 7.281%
By Paul A. Harris
Portland, Ore., March 8 - EV Energy Partners LP, EV Energy Finance Corp. priced an upsized $200 million add-on to its 8% senior notes due April 15, 2019 (B3/B-/) at 103 to yield 7.281% on Thursday, according to a syndicate source.
The reoffer price came at the rich end of the 102.5 to 103 price talk.
J.P. Morgan Securities LLC, RBC Capital Markets, Wells Fargo Securities and Citigroup Global Markets Inc. were the bookrunners for the quick-to-market deal, which was upsized from $100 million.
Proceeds will be used to repay bank debt.
The issuer is a Houston-based master limited partnership engaged in acquiring, producing and developing oil and natural gas properties.
The original $300 million issue priced at par in March 2011.
| Issuer: | EV Energy Partners LP, EV Energy Finance Corp.
|
| Face amount: | $200 million
|
| Proceeds: | $206 million
|
| Maturity: | April 15, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, RBC Capital Markets, Wells Fargo Securities, Citigroup Global Markets Inc.
|
| Co-managers: | Credit Suisse Securities, Comerica Securities, Credit Agricole CIB, ING, Mitsubishi UFJ Securities, Scotia Capital, US Bancorp
|
| Coupon: | 8%
|
| Price: | 103
|
| Yield: | 7.281%
|
| Spread: | 641 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 15, 2015, then callable at 104, 102, par on and after April 15, 2017
|
| Equity clawback: | 35% at 108 until April 15, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | March 8
|
| Settlement date: | March 13
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | SEC registered
|
| Price talk: | 102.5 to 103
|
| Marketing: | Quick to market
|
| Original issue: | $300 million issue priced at par in March 2011
|
| Total issue size: | $500 million issue priced at par in March 2011
|
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